Repsol has entered into an agreement with the Venezuelan Ministry of Hydrocarbons and the state oil company Petróleos de Venezuela (PDVSA) to increase oil extraction at the Petroquiriquire asset.
PDVSA has a 60% stake in Petroquiriquire and Repsol owns the remaining 40%.
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This agreement is contingent on certain conditions and aims to secure payment mechanisms and enhance the operational framework for Repsol’s activities in Venezuela.
Repsol intends to raise its gross oil production in the country by 50% within a year and triple the figure in three years, provided conditions are maintained, using revenue generated in the country, as announced by Repsol CEO Josu Jon Imaz.
Currently, the Spanish energy company produces approximately 45,000 barrels per day (bpd) in Venezuela, primarily from the Petroquiriquire operation.
Repsol exploration and production executive managing director Francisco Gea said: “This agreement underscores Repsol’s commitment to Venezuela, where we have operated without interruption since 1993.
“We have the assets and the technical, operational and human capacities on the ground to increase our production in the country.”
The latest agreement reinforces the terms of the 2023 Framework Agreement, previously amended in 2024. The earlier framework extended operational rights at Petroquiriquire and added the Tomoporo and La Ceiba fields to the project’s scope.
The latest framework agreement requires that PDVSA schedule heavy crude shipments in line with Petroquiriquire’s output.
Repsol and PDVSA will jointly manage the project and coordinate ongoing activities, with the Spanish company providing technical and commercial expertise. This move follows the granting of General Licence No. 50A by the US Department of the Treasury’s Office of Foreign Assets Control.
The licence permits Repsol and its subsidiaries to engage in transactions related to oil and gas operations in Venezuela with PDVSA and other state entities.
In March, Repsol and Eni finalised a separate agreement with Venezuelan authorities concerning natural gas production at the Cardón IV site, a 50-50 joint venture by both the companies. This agreement aims to maintain gas output at the asset through 2026 and support the durability of operations.
